Ethereum (ETH) Recovery Won’t Be Easy, Downtrend Persists
technical analysis

Ethereum (ETH) Recovery Won’t Be Easy, Downtrend Persists

THELOGICALINDIAN - Ethereum amount is beneath a lot of burden against the US Dollar agnate to bitcoin beneath 7000 ETH amount could abatement beneath the 140 abutment and abide lower

Ethereum Price Analysis

Recently, Ethereum retested the $140 abutment breadth adjoin the US Dollar. However, ETH bears bootless to accretion drive beneath $140 and a beat low was formed abreast $140.

The amount started an upside alteration aloft the $142 attrition area, but upsides remained capped. Moreover, the amount struggled to bright the $144 attrition and the 100 alternate simple affective average.

A aerial was formed abreast $144 and the amount started a fresh decline. It is trading beneath the $142 level. Besides, Ethereum amount is sliding beneath the 50% Fib retracement akin of the advancement move from the $140 low to $144 high.

An actual abutment is apparent abreast the $141 level. Additionally, the 61.8% Fib retracement akin of the advancement move from the $140 low to $144 aerial is additionally abreast the $141 level.

The capital abutment is still abreast the $139-$140 zone. If there is a downside breach beneath the $140 support, with a able close, again there is a accident of addition bearish beachcomber in the advancing sessions.

On the upside, there are abounding hurdles, starting with the $142 akin and the 100 alternate SMA. More importantly, there is a key bearish trend band basic with attrition abreast $143 on the alternate blueprint of ETH/USD.

Therefore, an upside breach aloft the $142 and $144 attrition levels is charge for a appropriate recovery. The abutting actual attrition is abreast $146, aloft which the amount could abide to balance appear the $152 attrition area.

Looking at the chart, Ethereum amount is beneath burden and it seems like the bears are in ascendancy beneath the $142 and $144. If ETH fails to break aloft the $140 support, there is a accident of a aciculate abatement appear the $135 and $132 abutment levels.

ETH Technical Indicators

Hourly MACDThe MACD for ETH/USD is boring affective aback into the bearish zone.

Hourly RSIThe RSI for ETH/USD is currently crumbling and it is affective lower appear the 40 level.

Major Support Level – $140

Major Resistance Level – $144